Russell Investments Group Ltd. Raises Stock Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

Russell Investments Group Ltd. grew its holdings in shares of Frontier Communications Parent, Inc. (NASDAQ:FYBR – Get Rating) by 12.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,820 shares of the company’s stock after purchasing an additional 9,761 shares during the period. Russell Investments Group Ltd.’s holdings in Frontier Communications Parent were worth $2,212,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Arizona State Retirement System increased its stake in Frontier Communications Parent by 3.8% during the fourth quarter. Arizona State Retirement System now owns 55,303 shares of the company’s stock worth $1,409,000 after purchasing an additional 2,048 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Frontier Communications Parent by 90.4% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 134,087 shares of the company’s stock worth $3,417,000 after purchasing an additional 63,670 shares during the period. Envestnet Asset Management Inc. increased its stake in Frontier Communications Parent by 19.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 14,119 shares of the company’s stock worth $360,000 after purchasing an additional 2,262 shares during the period. CX Institutional purchased a new stake in Frontier Communications Parent during the fourth quarter worth about $1,422,000. Finally, ProShare Advisors LLC purchased a new stake in Frontier Communications Parent during the fourth quarter worth about $378,000.

Frontier Communications Parent Stock Performance

Shares of Frontier Communications Parent stock opened at $16.80 on Monday. The firm has a market capitalization of $4.12 billion, a P/E ratio of 10.91 and a beta of 0.79. Frontier Communications Parent, Inc. has a 52 week low of $16.60 and a 52 week high of $30.83. The firm’s 50 day moving average is $21.35 and its two-hundred day moving average is $24.65. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.91.

Frontier Communications Parent (NASDAQ:FYBR – Get Rating) last posted its quarterly earnings data on Friday, May 5th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02). The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.43 billion. Frontier Communications Parent had a net margin of 6.56% and a return on equity of 7.57%. Frontier Communications Parent’s revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.26 earnings per share. Research analysts forecast that Frontier Communications Parent, Inc. will post 0.03 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Ares Management Llc acquired 750,000 shares of the firm’s stock in a transaction dated Monday, March 27th. The stock was acquired at an average cost of $21.48 per share, with a total value of $16,110,000.00. Following the completion of the acquisition, the insider now owns 36,455,132 shares of the company’s stock, valued at $783,056,235.36. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders bought 2,158,214 shares of company stock valued at $47,244,828. 0.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on FYBR shares. Credit Suisse Group restated a “neutral” rating and set a $25.00 target price on shares of Frontier Communications Parent in a research note on Monday, February 27th. Citigroup cut their target price on shares of Frontier Communications Parent from $34.00 to $30.00 in a research note on Monday, May 8th. Morgan Stanley lowered shares of Frontier Communications Parent from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $23.00 to $19.00 in a research note on Monday, March 27th. TheStreet lowered shares of Frontier Communications Parent from a “c” rating to a “d” rating in a research note on Friday, May 5th. Finally, Cowen upped their target price on shares of Frontier Communications Parent from $40.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, February 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Frontier Communications Parent has an average rating of “Moderate Buy” and a consensus target price of $30.43.

About Frontier Communications Parent

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Frontier Communications Parent, Inc, together with its subsidiaries, provides communications services for consumer and business customers in 25 states in the United States. It offers data and Internet, voice, video, and other services. The company was formerly known as Frontier Communications Corporation and changed its name to Frontier Communications Parent, Inc in April 2021.